Tuesday, May 22, 2012

Its Customers Are Decimated By Foreclosure, But Wells Fargo Lobbies Against Increased Oversight

Posted by Suzanne Merkelson on 20 May, 2012

Norman Rousseau, a Newbury Park, California resident, spent last Saturday trying to fix an old RV. His house was being foreclosed upon by Wells Fargo and he apparently wanted to make sure his family had somewhere to live. But Sunday mid-morning, he shot and killed himself, CBS Los Angeles reports.

The Rousseau family has been engaged in a battle with Wells Fargo since January 2011, when Norman and his wife filed a lawsuit agains the bank. The Huffington Post summarizes:

The trouble started when the Rousseaus refinanced their mortgage, finding out much later that their interest rate actually increased after they did so, the lawsuit states. On top of that, the lawsuit claims that the couple was convinced to roll their credit card debt into the loan, ostensibly prolonging and increasing that debt as well, according to Chris Gardas, the attorney representing the Rousseau family.